Pho aa Fas par. com Mio, Sung, "ati, Cony a0, One, Se dng, 0 ps “ss Sen ans — ng Pani ong era 4, 8, wang eo “range Meg hy Source: Company Documents, Rowen Stanley Data Note: P/E multiples for other financials subsectors aside from brokers and asset managers are based on Morgan Stanley Estimates as of 1/18/2017